Question: Dr. Bernice Maglin opened a medical practice specializing in physical therapy. During the first month of operation (March), the business, titled Dr. Bernice Maglin.
Dr. Bernice Maglin, Professional Corporation (P.C.), experienced the following events: Post the entries to the ledger, using T-accounts. Key transactions by date. Determine the ending balance in each account. (Record transactions from the 15-31 of the month as occurring on the last day of the month.)
Calculate the balance for each account and enter it on the appropriate side of each T-account.
Mar 6 Maglin invested $142,000 in the business, which in turn issued its common stock to her.
Mar 9 The business paid cash for land costing $59,000. Maglin plans to build an office building on the land.
Mar 12 The business purchased medical supplies for $1,800 on account.
Mar 15 Dr. Bernice Maglin P.C., officially opened for business.
Mar 15-31 During the rest of the month, Maglin treated patients and earned service revenue of $9,600, receiving cash for half the revenue earned.
Mar 15-31 The business paid cash expenses: employee salaries, $2,700; office rent, $1,300; utilities, $300.
Mar 31 The business sold medical supplies to another physician for cost of $ 300 and received cash.
Mar 31 The business borrowed $ $38,000, signing a note payable to the bank.
Mar 31 The business paid $1,100 on account.
Required:
1. Prepare the trial balance of Dr. Bernice Maglin P.C., at March 31, 2018.
2. From the trial balance, determine total assets, total liabilities, and total stockholders' equity on March 31.
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